US: VF raises full-year forecast after strong third quarter
VF Corp today lifted its full-year expectations after recording a strong third-quarter performance.
The company, which owns the North Face, Wrangler and Timberland brands, among others, said today (22 October) that it expects full-year adjusted earnings per share to reach approximately US$9.60 per share, up from the $9.50 it forecast in July.
The improved forecast came as the clothing and footwear group recorded a 26.8% increase in net income to reach US$381.3m. Over the quarter, ended 29 September, revenue rose 14% to reach $3.1bn. Organic sales grew 2%, which the group attributed to continued strength in the outdoor and action sports, international and direct to consumer businesses.
Gross margin rose 140 basis points to a record 46.7%, reflecting improvements in nearly every business combined with the company's continued shift towards higher margin businesses.
"Our third quarter results clearly demonstrate VF's unique competitive advantages - diversity across brands, geographic regions and channels; powerful brands that resonate with consumers; and business disciplines that enable the consistent, successful execution of our growth strategies," said Eric Wiseman, VF chairman and chief executive officer.
"We are confident in our ability to deliver a very strong fourth quarter across our businesses, supported by higher levels of strategic investments in key brands and markets that are proven drivers of both top and bottom line growth."
The complicated mix of legal requirements, standards and certification schemes facing brands and retailers when managing chemicals in the apparel supply chain was outlined at the recent Prime Source F...
This report analyzes the worldwide markets for Sports and Fitness Clothing in US$ Million by the following Product Segments: Sports Apparel, and Fitness Clothing. The report provides separate comprehe...
As retailers struggle to differentiate themselves from their peers, and have little room to manoeuvre when it comes to mark-ups and markdowns, there's a growing awareness that the supply chain can con...
Apparel sales in the Asia Pacific region are continuing on a golden growth trajectory despite a slowdown in China. Domestic brands are continuing to hold their own, and foreign brands intent on making...
Efforts by a group of US apparel brands and retailers to persuade the Peruvian government to repeal legislation that allows the use of short-term contracts in the country's garment industry have, as y...
Australian surfwear brand Billabong will enter ten days of exclusive talks with a consortium led by the former boss of the brand's America's division after the group cut its bid by 45% to AUD0.60 per ...
Billabong has indefinitely suspended its shares from trading as it continues takeover talks with its two suitors. ...
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- Bangladesh knitting worker killed by faulty lift
- North Face debuts locally-grown "backyard" hoodie
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault